• MVCC Accounting Syllabus

     
    Instructor: Mrs. Smith
    Room: 214
    Email: lsmith@remsencsd.org
     

     

    MOHAWK VALLEY COMMUNITY COLLEGE

    UTICA AND ROME, NEW YORK

    Center for Social Sciences, Business and Information Sciences

    COURSE OUTLINE

    AC 110 PRINCIPLES OF ACCOUNTING                                                                                 C-3, P-0, Cr-3

    Course Description

    This course is designed to provide students with an understanding of basic accounting terminology, the financial accounting cycle, and the primary financial statements: the balance sheet, the income statement, and the statement of cash flows. A major emphasis of the course is placed on the information communicated by the financial statements and how this information is used for decision making purposes. Students will gain an understanding of how the financial statements are useful in assessing the profitability, liquidity, and solvency of a business entity, as well as how to hold members accountable for their actions in the pursuit of organization goals. The accounting alternatives of specific financial statement items are then examined in greater detail. These items include: cash; accounts receivable; inventory, property, plant & equipment; current liabilities and owner’s equity.

    Prerequisites: None

    Student Learning Outcomes:

    Students will:

    1. Demonstrate an understanding of the purpose of the balance sheet and be able to use the balance to make basic liquidity and solvency assessments of a business entity.
    2. Demonstrate an understanding of the purpose of the income statement and be able to use the income statement to make basic profitability assessments of a business entity.
    3. Demonstrate an understanding of the purpose of the statement of cash flows and the nature of the three types of activities that are reported on the statement of cash flows: operation, investing and financing.
    4. Demonstrate an understanding of what constitutes a business transaction, analyze the effects of such transactions on the accounting equation, and record transactions in general journal form.
    5. Demonstrate the ability to prepare adjusting journal entries and closing journal entries and demonstrate an understanding of  the rationale underlying these types of transactions.
    6. Demonstrate and understanding of the nature of accrual basis accounting and how it differs from cash basis accounting.
    7. Demonstrate an understanding of how budgets are determined and their importance in measuring and controlling performance within an organization.
    8. Demonstrate an understanding of how to use a summary of financial ratios to analyze a firm’s profitability and value.
    9. Demonstrate an understanding of how to improve and assess short term financial decisions using working capital, current assets and current liabilities.
    10. Demonstrate an understanding of the need for strong internal controls.
    11. Demonstrate an understanding of how assets, liabilities, equities, revenues, expenses, gains and losses are measure on the financial statement.
    12. Demonstrate a knowledge of the guidelines (GAAP) and regulatory requirements (FASB and SEC) guiding an accountant’s actions.
    13. Be able to apply the LIFO, FIFO, and weighted average methods of determining inventory cost and demonstrate an understanding of the rationale underlying and the financial statement effects of these different inventory cost flow assumptions.
    14. Be able to apply the straight-line, units-of-production and declining balance methods of depreciation and demonstrate an understanding of the rationale underlying each of these different cost allocation methods.
    15. Demonstrate an understanding of the rationale underlying, and the financial statement effects of, the estimation of certain expenses and be able to apply the allowance for recognizing bad debts expense.

     MAJOR TOPICS:

    ·        Accounting in the Business Environment

    ·        Recording Business Transactions

    ·        Financial Statement Preparation

    ·        Merchandising operations

    ·        Inventory Management

    ·        Cash Management and Internal Controls

    ·        Receivables

    ·        Fixed assets

    ·        Current Liabilities

    ·        Payroll Reporting

    ·        Cost Volumes Profit & Pricing Considerations

    ·        The Role of Budgeting in Planning Operations

     REMSEN SYLLABUS

    Course Expectations: 

    My expectations for my students:

    • Be in class on time and attend class each day. 
    • Conduct yourselves in a proper manner showing respect for fellow students and your teacher. 
    • Do not talk when your teacher is talking or when other students have the floor. You will be recognized when you raise your hand to ask for help. 
    • Be in your seats when the class bell rings. 
    • Bring all needed materials to class and be prepared to work.
    • Participate in all classroom activities and projects. 
    • Treat the classroom furniture and computer equipment with respect.

     My Students Expectations for me:

    ·        Be kind & courteous

    ·        Treat us fairly.

    ·        Teach us.

     

    Discipline: Classroom discipline problems will be handled as follows: Minor problems will be given a warning; if problems persist, a call will be made home. Problems that cannot be solved within the classroom will be referred to the principal. 
     
    Computer: Students will be required to use the computer at times during the course. Students are expected to follow the computer usage agreement. Students who should be working on an assignment but are using the Internet for personal reasons will receive a zero for that assignment.

    Homework/Assignments:    Assigned work and/or Homework is expected to be completed by its assigned due date.  Late work will be reduced by 10% of points each day it is late.  If turned in work is more than 5 days late, maximum credit of 50% will be awarded. If student knows of an anticipated delay, it must be communicated to the teacher before the assigned due date.

    Grading:  Students will be assessed on daily work which includes: workbooks, book work, homework, class activities, day-to-day assignments, quizzes, tests, portfolios, writing assignments, presentations, projects and hands-on activities. Work ethic includes: attitude, professionalism, initiative, cooperation and work quality. Participation grades are based on unexcused absences from the program and participation in classroom projects.

    Grades will be calculated using the following point percentage system:

    Business Management Pathway:

    Participation/Attitude/Work Ethic (see Work Ethic Rubric)........ 20%

    Knowledge & Hands-on activities.......... 80%

    In order to be successful in this class, students must attend, complete assignments and study for tests. Assignments will not be accepted after the due date without penalty. Students will be given five school days to turn in late work due to an absence. In class assignments missed as a result of an absence may result in a ZERO. Students are expected to check for missed assignments resulting from an absence at an appropriate time. Failure to meet state attendance mandates may result in loss of credit regardless of grade. Students need to log in to the Business Math Google Classroom to see their assignments. 

    Cheating will result in a ZERO for all students involved. Cheating can take the form of talking to another student during a test, copying, pasting, and/or using other students’ work. 

    Students are responsible for proper saving and file management. Technical difficulties will not be accepted as an excuse for late work.

    Computer Skills: Excel, Google Apps, Google Sites, Google Sheets. Word, Publisher. Google Docs, PowerPoint, etc.
     
    Textbook: ACCT Financial 2